Condominium Insurance Rates

Finding affordable condominium insurance rates inevitably comes down to you. After all, you are the condo owner and thus it is up to you to spend the time comparing your options and looking for the cheapest condominium insurance rates. Take the easy road to cheap rates by using an online search to do the dirty work for you. Compare your HOA policy as well as additional coverage options to come up with the perfect combination of insurance for your condo.

HOA Condo Policy

Condominium insurance is a type of coverage for condo owners. It falls under the category of house insurance but offers a few different options catered to people living in a complex setting. One of the biggest difference between condo coverage and homeowners coverage is that condo insurance includes coverage in an HOA policy, or homeowners association policy. When you purchase a condo you immediately become a member of this association which is put into place to protect complex dwellers and board members. As part of the HOA you will be insured for some situations and damage. Every HOA is different and thus so are the policies so be sure you read over yours and compare your options before looking for condominium insurance.

Most HOA policies will include liability protection as well as protection from some structural damage. Common complex areas such as swimming pools, gyms and parking lots are generally covered under your HOA rates but what about your individual unit? Many policies will include compensation for losses to your condo’s structure; this includes things like roofs, windows and foundation repair. However, not every HOA policy will offer protection from hazard and dangers to your condo so be sure to see what is actually included when you sign the paperwork.

Homeowner Policy for Condo Owners

Commercial condo insurance rates will vary depending on more than just your HOA policy. As a condominium owner you will want to include your own protection for your home. Contents protection, for example, is most likely not included on your HOA policy but this is a good thing to have. After all, if you are facing a natural disaster there is a pretty good chance that the damage will span inside the four walls of your unit. There is a pretty good chance that flooding, fire or wind damage will also ruin your furniture, wall hangings and area rugs as well as the foundation and roof of your condominium.

Many condominium owners will use the area as a rental investment and thus have renters in the space. If you are doing this then you may not need contents protection but might want to look for landlord condominium insurance rates and policies. Rental protection, for example, is a good option to consider when determining your condominium coverage which pays for loss of income if your renter doesn’t pay the rent or breaks the lease and moves out early.

You may also want to include some sort of coverage for deliberate as well as accidental damage the tenant causes. If, for example, your tenant throws a house party that gets out of control this is grounds for eviction in many instances; however, just because you are evicting the renter doesn’t mean he will automatically pay the cleanup bill and the costs to have the condo re-painted. You can add on this level of coverage when comparing your condominium insurance rates and coverage options.

Quotes on Condo Protection

Your condominium insurance rates will also depend on the type of policy you have. Are you looking into assessable or non assessable policies? Under an assessable policy, your provider has the right to add on extra costs at the end of the year if they have had a bad year with several claims from other customers. On a non assessable policy your rates are locked in for that year. Most condo owners and homeowners in general will look for a non assessable policy to ensure their rates are secure.

Condominium insurance rates will also depend on where you are living and where the condo is located. Every state is different when it comes to their average house insurance rates. Chance of natural disasters, crime rate and age of your condo are only three of the factors involved with calculating your condominium insurance rates.

The best way to get the best rates regardless of where you call home is to always compare condominium insurance rates online before your buy. Take the guess work out of insuring your condo and know exactly what you are getting every year. You will be able to access multiple quotes from trusted providers that specialize in your condo coverage needs, whether you are living in the unit or renting it out for an income. Either way, get what you want and what you need with an online search.